Comovement in international equity markets: A sectoral view

We investigate shifts in correlation patterns among international equity returns at the market level as well as the industry level. We develop a novel bivariate GARCH model for equity returns with a smoothly time- varying correlation and then derive a Lagrange Multiplier statistic to test the constant-correlation hypothesis directly. Applying the test to weekly data from Germany, Japan, the UK and the US in the period 1980- 2000, we find that correlations among the German, UK and US stock markets have doubled, whereas Japanese correlations have remained the same. Both dates of change and speeds of adjustment vary widely across countries and sectors.stock market linkages; financial integration; smooth transition

Experimental implementation of a real-time token-based network protocol on a microcontroller

The real-time token-based RTnet network protocol has been implemented on a standard Ethernet network to investigate the possibility to use cheap components with strict resource limitations while preserving Quality of Service guarantees. It will be shown that the proposed implementation is feasible on a small network. For larger networks a different approach is necessary, using delegation by means of proxies. A delegation proposal will be discussed. For small networks it is possible to use a PIC microcontroller in combination with a standard Ethernet controller to run the RTnet network protocol. As more systems are added to the network the performance of this combination becomes insufficient. When this happens it is necessary for the microcontroller to delegate some tasks to a more powerful master and to organize a low-level communication protocol between master and slave

Thermodynamics with Dynamical Clover Fermions

We investigate the finite temperature behavior of nonperturbatively improved clover fermions on lattices with temporal extent N_t=4 and 6. Unfortunately in the gauge coupling range, where the clover coefficient has been determined nonperturbatively, the finite temperature crossover/transition occurs at heavy pseudoscalar masses and large pseudoscalar to vector meson mass ratios. However, on an N_t=6 lattice the thermal crossover for the improved fermions is much smoother than for unimproved Wilson fermions and no strange metastable behavior is observed.Comment: 8 pages, LaTeX, 5 postscript figure

Toward Anonymity in Delay Tolerant Networks: Threshold Pivot Scheme

Proceedings of the Military Communications Conference (MILCOM 2010), San Jose, CA, October 2010.Delay Tolerant Networks (DTNs) remove traditional assumptions of end-to-end connectivity, extending network communication to intermittently connected mobile, ad-hoc, and vehicular environments. This work considers anonymity as a vital security primitive for viable military and civilian DTNs. DTNs present new and unique anonymity challenges since we must protect physical location information as mobile nodes with limited topology knowledge naturally mix. We develop a novel Threshold Pivot Scheme (TPS) for DTNs to address these challenges and provide resistance to traffic analysis, source anonymity, and sender-receiver unlinkability. Reply techniques adapted from mix-nets allow for anonymous DTN communication, while secret sharing provides a configurable level of anonymity that enables a balance between security and efficiency. We evaluate TPS via simulation on real-world DTN scenarios to understand its feasibility, performance, and overhead while comparing the provided anonymity against an analytically optimal model

The impact of environmental variability on Atlantic mackerel Scomber scombrus larval abundance to the west of the British Isles

The value of the Continuous Plankton Recorder (CPR) fish larvae dataset, with its extensive spatio-temporal coverage, has been recently demonstrated with studies on long-term changes over decadal scales in the abundance and distribution of fish larvae in relation to physical and biological factors in the North Sea. We used a similar approach in the west and southwest area of the UK shelf and applied a principal component analysis (PCA) using 7 biotic and abiotic parameters, combined with Hierarchical Cluster Analysis (HCA), to investigate the impact of environmental changes in the west and southwest area of the UK shelf on mackerel larvae during the period 1960–2004. The analysis revealed 3 main periods of time (1960–1968; 1969–1994; 1995–2004) reflecting 3 different ecosystem states. The results suggest a transition from an ecosystem characterized by low temperature, high salinity, high abundances of zooplankton and the larger phytoplankton groups, to a system characterized by higher temperature, lower salinities, lower abundances of zooplankton and larger phytoplankton and higher abundances of the small phytoplankton species. Analysis revealed a very weak positive correlation between the Second principal component and mackerel larvae yearly abundance, attributed to the North Atlantic Oscillation (NAO). The results presented here are in broad accord with recent investigations that link climatic variability and dynamics of mackerel reproduction. However, the growing body of literature that documents statistical correlations between environment and mackerel needs to be supplemented by local process studies, to gain more insight and to be able to predict mackerel response to climate change scenarios. Utilising the strength of the CPR dataset, namely its unique temporal coverage, in an analysis where other data (such as egg surveys) are drawn in to compensate for the spatial issues could prove to be the way forward

Land Management Decisions and Agricultural Productivity in the Hillsides of Honduras

Increasing land degradation and concomitant low agricultural productivity are important determinants of rural poverty in the hillside areas of Honduras. Using data at the levels of the farm household, parcel and plot, we develop an econometric modeling framework to analyze land management decisions and their impact on crop productivity. Our econometric model allows for endogenous household decisions regarding livelihood strategy choice, use of labor and external inputs, and participation in organizations. We found support for the inverse farm size-land productivity relationship which suggests that improved land access could increase total crop production. Land tenure has no impact on crop productivity, but adoption of soil conservation practices is higher on owner-operated than leased plots. Ownership of machinery and equipment and livestock ownership both positively influence crop productivity. Education positively affects perennial crop productivity. The gender of the household head has no significant effect on crop productivity, but does influence some land management and input use decisions. Even though household participation in training programs and organizations has only limited effects on crop productivity, agricultural extension plays a key role in promoting adoption of soil conservation practices. Location assets have limited impacts on crop productivity but do influence land management decisions. Road density and better market access have a positive effect on perennial crop productivity. Population density has limited direct impact on crop productivity, though it may have indirect effects by affecting farm size and livelihood strategies.agricultural productivity, hillsides, Honduras, land management, soil conservation, Land Economics/Use, Productivity Analysis,